TFSA Explained for beginners: Everything to know about the tax-free savings account!

[@houdasalhi3076]

Thank you, I really am enjoying these kind of videos, as a newcomer these help a lot.

[@LivinginCanada]

Glad to hear it!

[@ADAM22GODKING]

A million thank you (:

[@LivinginCanada]

Cheers!

[@Robck27]

This is super useful thanks!!!!

[@LivinginCanada]

Awesome, thanks!

[@chloecokofilms]

This was really educative. Please can you explain “Wealth Simple”?

[@LivinginCanada]

Thanks! It's basically an online trading platform that allows you to open registered savings plans (TFSA, RRSP etc) and buy investment products including shares, bonds, etf, also crypto. I have a link in my descriptions if you want to learn more.

[@pjm3005]

@@LivinginCanada careful with actual crypto - you cannot hold cryptocurrencies within your TFSA. etfs or mutual funds that mine or buy crypto? yes. but not actual bitcoins (for instance).

[@thomaszied]

Thanks alot ❤

[@SS-jg1dr]

Where could we learn from you on the RRSP please?

[@LivinginCanada]

Here's my video on RRSP kzbin.info/www/bejne/o5OZqmOCqdx8mNE

[@NayemMahmood]

Can I have TFSA and FHSA at the same time and can I contribute at both the accounts at the same time ? Can I also withdraw from these 2accounts at the same time when buying a home ?

[@benoitlebeau8459]

Yes u can!

[@leyaq]

kind of lost- with the example of Carl- I'm not sure where the $69,500 came from, the amounts sum $38,500, thank you :)

[@fasanuma]

👍

[@LivinginCanada]

Thank you!

[@Janassszzz]

Hello, I’m watching your videos.and I have question. Maybe stu-I’d. but can you loose money on Tfsa?

[@pjm3005]

you sure can if you're investing in securities, mutual funds and etfs - in the short term and if you're faint of heart. if you're buying GICs and investment grade bonds? probably not.

[@S.N.-]

You’re so cute ❤

[@Plstakemeaway1101]

I didn’t get anything 🥹🥹🥹 is that like salary after I getting retired ?

[@LivinginCanada]

No, it's not social security. It's your own money that you contribute, then invest. While you can withdraw money from your TFSA anytime, withdrawing money from RRSP comes with tax consequences.

[@Plstakemeaway1101]

@@LivinginCanada so there is is no any tax on TFSA whatever I add I can get it them back same amount ? Should I keep the amount specific days or weeks or months ?

[@dietman]

@@Plstakemeaway1101when you open up a tsfa, you book an appointment with an advisor from the bank. You can ask whatever questions you may have